Volvo’s U.S. PHEV Sales Outsold EVs By A Ratio Of 9 To 1 In Q2 2024

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Volvo Cars USA reported that in June, its car sales in the U.S. decreased by 28% year-over-year to 9,304. The company explained that the results were impacted by “third-party IT-related disturbances that affected retailers across the industry.”

Volvo’s plug-in car sales were also down, but not that much. Last month, the company sold 3,315 rechargeable cars, down 13% year-over-year. That’s about 35.6% of the brand’s total volume, compared to 29.3% a year ago.

Unfortunately, the all-electric car segment remains weak, with just 386 sales last month, down 82% year-over-year. It was the sixth such month this year. It becomes clear that Volvo will not be able to expand EV sales without the all-new EX models.

The first Volvo EX90 recently entered production in South Carolina, so the first deliveries are expected to be in the second half of the year. Meanwhile, the promising Volvo EX30 has been delayed in the U.S. until 2025.

Meanwhile, plug-in hybrid car sales increased by 75% year-over-year to 2,929, representing the vast majority of the total volume.

Volvo plug-in car sales last month (YOY change):

  • BEVs: 386 (down 82%) and 4.1% share
  • PHEVs: 2,929 (up 75%) and 31.5% share
  • Total: 3,315 (down 13%) and 35.6% share

During the second quarter of 2024, Volvo plug-in car sales amounted to 10,563 units, up 8% year-over-year. However, the plug-in hybrid sales dominated the segment, outpacing all-electric sales by about 9 to 1.

As we can see in the stats, the two categories were moving in the opposite direction, as EVs were down 79%, while PHEVs almost doubled.

Sales of the all-electric Volvo XC40 Recharge and the Volvo C40 Recharge are much lower than in 2023. Meanwhile, the new Volvo EX90 still needs at least weeks to arrive. We believe that once it arrives, sales should improve.

Volvo plug-in car sales in Q2’2024 (YOY change):

  • BEVs: 1,011 (down 79%) and 3.4% share
  • PHEVs: 9,552 (up 93%) and 31.8% share
  • Total: 10,563 (up 8%) and 35.1% share
Volvo Plug-In Car Sales In The U.S. - June 2024

So far this year, Volvo has sold over 18,600 plug-in cars in the U.S., 30.6% of the total sales volume.

Volvo plug-in car sales year-to-date (YOY change):

  • BEVs: 1,981 (down 74%) and 3.2% share
  • PHEVs: 16,670 (up 69%) and 27.3% share
  • Total: 18,651 (up 7%) and 30.6% share

For reference, in 2023, Volvo sold over 35,000 plug-in electric cars in the U.S. (28% more than in 2022), which represented almost 28% of the total volume.

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